Acquisition Highlights AI’s Crucial Role in Blockchain Industry
Crossmint, a Miami-based enterprise blockchain platform, has acquired Cycle AI, a Toronto-based AI user research startup, in an all-cash deal. The acquisition adds significant value to Crossmint’s technology stack, enabling the company to accelerate its AI roadmap and cater to customers building at the intersection of blockchain and AI.
About the Acquisition
The acquisition includes Cycle’s technology and tools, and its co-founder and CEO, Conor Plunkett, has joined Crossmint as a product manager. Cycle’s other co-founder, Elan Bibas, and three employees have not joined Crossmint, opting to explore other options. The acquisition price was not disclosed to BetaKit.
Cycle’s Background and Vision
Cycle AI was founded earlier this year and was bootstrapped to date. The company was developing AI-powered tools to improve the user research process. Cycle’s vision was to build a way to gather user feedback at scale, mimicking the depth of a one-on-one interview but with the ease and cost-effectiveness of a Google Survey.
Cycle’s Products
Cycle built two products designed to “tighten the loop between what customers want and what you build.” The first was an interview bot that automated the feedback process from information-gathering to analysis. The second was an AI-powered survey offering that fulfilled a similar purpose and marked a step towards Cycle’s vision of a Google Survey that was as deep as a one-on-one interview.
Crossmint’s Plans for Cycle’s Technology
Crossmint, which counts Mastercard, Red Bull, and Coinbase among its 30,000-plus customers, plans to integrate Cycle’s technology into its platform. The company believes that autonomous agents already account for a significant share of on-chain transactions, and generative AI is making it harder to distinguish what’s real from what’s not, driving demand for cryptography tools for verification and authenticity from publishers, brands, and consumers.
Crossmint’s Background and Vision
Crossmint is a venture-backed Web3 company that provides a suite of asset tokenization, wallet, identity, and payment tools designed to make it cheaper and easier for developers and companies to build blockchain-based products. The company’s platform allows users to integrate its APIs with just a few lines of code, handling all complex operations behind the scenes.
Crossmint’s Previous Acquisitions
This marks Crossmint’s second acquisition this year, following the purchase of Y Combinator-backed NFT payments infrastructure startup Winter in February. The company has also acquired Pollen, an on-chain affiliate marketing platform for NFTs.
Conclusion
The acquisition of Cycle AI highlights the critical role AI plays in the blockchain industry. By integrating Cycle’s technology into its platform, Crossmint is poised to accelerate its AI roadmap and cater to customers building at the intersection of blockchain and AI. The acquisition demonstrates Crossmint’s commitment to innovation and its desire to remain at the forefront of the Web3 ecosystem.
FAQs
Q: What is the acquisition price of Cycle AI?
A: The acquisition price was not disclosed to BetaKit.
Q: Who has joined Crossmint from Cycle AI?
A: Conor Plunkett, Cycle AI’s co-founder and CEO, has joined Crossmint as a product manager.
Q: What is Crossmint’s vision for Cycle’s technology?
A: Crossmint plans to integrate Cycle’s technology into its platform to accelerate its AI roadmap and cater to customers building at the intersection of blockchain and AI.
Q: Who are Crossmint’s customers?
A: Crossmint’s customers include Mastercard, Red Bull, Red Bull, Phantom, and Coinbase, among its 30,000-plus customers.
Q: What is Crossmint’s platform used for?
A: Crossmint’s platform provides a suite of asset tokenization, wallet, identity, and payment tools designed to make it cheaper and easier for developers and companies to build blockchain-based products.
Q: Has Crossmint made any previous acquisitions?
A: Yes, Crossmint has acquired Y Combinator-backed NFT payments infrastructure startup Winter in February and on-chain affiliate marketing platform for NFTs, Pollen.
